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All you need to know about Redevelopement projects Part I

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Today we will discuss about the redevelopment projects. Yes, due to gradually decreasing landscapes and inability of people to maintain big houses, redevelopment projects are coming into ways. Redevelopment is also done for the societies which are in dilapidated conditions but starve for the necessary fund for repairing. Let us begin right from what redevelopment projects are and why it is done.

What are Redevelopment Projects?

Redevelopment projects are those which are done by acquiring and reconstructing dilapidated buildings which are on the verge of collapse. The builders acquire the areas by offering incentives to the owners in form of well-constructed flats, amenities and money as well.

Redevelopment of an existing area and structure is legal only when at least 75 percent of the existing members are approved of it.

Advantage of Redevelopment

According to the experts, a structure of more than 25 years old gets merely 4 to 5 years extension of life upon repairing. Also many buildings of that age or more are dilapidated to a condition that they require huge amount of money for repair. In such a situation, redevelopment is advantageous. The builders acquire the land and build new and additional structures demolishing the older ones. The additional ones are sold with high profit margin that suffice the builders. The old members get new, well-constructed home with modern amenities. So in a way, redevelopment is a win-win deal for both owners and builders.

Disadvantage of Redevelopment

Overdoing anything can leads to the disadvantageous factor for that. Redevelopment is no different. Redeveloping societies and selling the extra bits became so profitable that builders started setting eyes high on it. It was reported that old colonial structures in posh areas of the city are often pulled down to build luxurious homes for the riches. This led to the inconvenience of the members who are often not approve of it but was forced to give consent by other means. Another problem is that by this practice, the old heritage structures get pulled down mercilessly in name of redevelopment.

In our next post, we will discuss, what the owners are require to consider in case they are thinking for the option of redevelopment.

Do you support redevelopment of heritage structures specially in the cities where living spaces are gradually becoming scarce. Do let us know in the comment box.